Accountants in Regent's Park

The trading allowance means up to £1,000 of gross side income per year can be tax-free with no return needed. Above that, registration and reporting kick in — and platforms now report seller data to HMRC, so "under the radar" isn't a strategy any more.

Incorporation isn't a milestone, it's a calculation: corporation tax versus income tax and NICs, dividend taxation, what you need to draw versus what can stay in the company, and whether limited liability matters for your work. For some Regent's Park businesses it saves thousands; for others it's pure extra paperwork.

Directors paying themselves a salary still need a PAYE scheme and RTI submissions, even in a one-person company. It's a five-minute monthly task with software — and a recurring penalty generator without it.

Filing early doesn't mean paying early: submit a return in May and the tax is still not due until the usual dates. Early filing buys certainty, refund speed and time to arrange payment — it costs nothing.

First-year traders around Regent's Park tend to make the same three mistakes: registering late, mixing business and personal spending in one account, and saving nothing for the first tax bill. All three are avoidable in an afternoon of setup.

Scam "HMRC" messages outnumber real ones — HMRC doesn't demand payment by gift card or threaten arrest by text. Real letters have reference numbers that we can verify directly with HMRC before anyone responds.

Changing accountant mid-year is routine: you authorise the new firm, we write a professional clearance letter to the old one, records transfer, and HMRC authorisation moves online. Clients are usually surprised the whole thing needs almost nothing from them.

Selling a rental property triggers capital gains tax with a tight reporting window — UK residential sales must be reported and the tax paid within 60 days of completion. It's one of the easiest deadlines in the whole system to miss, and one of the most penalised.